Caterpillar beats by $0.72, beats on revs; raises FY18 EPS by $2.00/sh, above consensus
- Reports Q1 (Mar) earnings of $2.82 per share, excluding non-recurring items, $0.72 better thanthe Capital IQ Consensus of $2.10; revenues rose 30.9% year/year to $12.86 bln vs the $11.99 bln Capital IQ Consensus
- The increase was primarily due to higher sales volume driven by improved end-user demand across all regions and most end markets as well as favorable changes in dealer inventories
- Strong end-user demand and favorable changes in dealer inventories drove higher sales volume across the three primary segments with the largest increase in Construction Industries
- Co raises guidancefor FY18 primarily due to growing demand for products and services., sees EPS of $10.25-11.25 vs. $9.15 Capital IQ Consensus Estimate, up from $8.25-9.25
- Construction Industries -- The co expects broad-based growth in all regions in 2018, with the biggest drivers being continued strength for construction activity in North America and infrastructure development in China
- Resource Industries -- The co believes global economic conditions and favorable commodity price levels will drive miners to increase capital expenditures in 2018 for both equipment replacement cycles and expansions
- Energy & Transportation -- Sales into Oil and Gas applications are expected to increase in 2018, led by continued strong demand for reciprocating engines for well servicing and gas compression applications in North America
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